Starting a business venture offshore brings incredible opportunities, as well as inevitable challenges. Among the challenges, choosing where to incorporate your company may be one of the most important strategic decisions you will have to make. So, which is the best jurisdiction for your business?
Unfortunately, there is no one-size-fits-all answer to this question as the best jurisdiction for you is largely dependent on individual needs. However, there are certain characteristics that make offshore environments more suitable for international company formation than others. Here are a few countries that are considered among the best to start an offshore company:
1. Hong Kong
Hong Kong is famous for its impressive skyscrapers and its equally magnificent green mountains. It is also seen as one of the fastest emerging business capitals in Asia, thanks to its strong and steady economic growth; this, despite the political trouble of the past eighteen months.
With low incorporation fees, low tax rate and no specific offshore company legislation, Hong Kong’s company incorporation is world-renowned for its simplicity. Furthermore, if you’re looking to break into the Chinese market, companies set up in Hong Kong also benefit from accessing mainland China due to the Close Economic Partnership Arrangement (CEPA).
Panama is one of the longest standing offshore company jurisdictions in the world. What makes it appealing to international companies is that it provides excellent asset protection; you can shield your assets from creditor claims, frivolous lawsuits and divorce.
In addition, Panama is a popular jurisdiction for those who are tired of intrusion into their financial privacy. Panama offers the utmost privacy and confidentiality laws, with no mutual legal assistance treaties (MLAT’s) for sharing banking information with other countries.
3. British Virgin Islands
British Virgin Islands (BVI) is well-known for its ease of setting up an offshore company and its cost-effectiveness compared with other offshore company locations. In addition, businesses can enjoy favourable tax benefits as well as political and economic stability, thanks to BVI being a British Overseas Territory.
Like Panama, BVI has high levels of confidentiality. While a BVI company is required to include detailed information about each beneficial owner, this information is kept confidential at the Registered Agent. So, you can feel safe knowing that your information will not be disclosed unless required by order of the Court.
Here to help
At Turner Little, we incorporate companies in many overseas jurisdictions across the world to give you the widest variety of options. Furthermore, all our offshore company formation packages include an introduction to an overseas bank, so you can get down to business straight away. Get in touch today and see how Turner Little can help you set up your company offshore.